Finasia Capital Supports UzNIF in Landmark IPO, Uzbekistan's Largest-Ever Public Offering
Finasia Capital is pleased to have supported the National Investment Fund of the Republic of Uzbekistan JSC (UzNIF) in connection with the successful completion of its landmark initial public offering (IPO) and dual listing on the London Stock Exchange and the Toshkent Republican Stock Exchange (TRSE).
The transaction marks a defining moment for Uzbekistan's capital markets and represents the country's largest-ever public offering. UzNIF successfully placed ordinary shares and Global Depositary Receipts ("GDRs"), with the Offering representing 31% of the Company's share capital, excluding any GDRs that may be issued pursuant to the over-allotment option.
The IPO raised approximately USD 603.6 million, with total potential proceeds of up to approximately USD 692 million if the over-allotment option is exercised. Based on the IPO price, UzNIF was valued at approximately USD 1.95 billion. The Offering was conducted through a dual-market structure, providing both international institutional investors and local investors in Uzbekistan with the opportunity to participate in the country's reform-driven growth story.
The Offering comprised two tranches. In the international tranche, shares were placed in the form of GDRs with institutional investors outside Uzbekistan. In the Tashkent tranche, ordinary shares were allocated to eligible institutional investors and retail investors in Uzbekistan and certain other jurisdictions. The GDRs were priced at USD 25.00 per GDR, with one GDR representing 64,700 ordinary shares, while ordinary shares in Tashkent were offered at UZS 4.65 per share. Eligible retail investors placing orders in the Tashkent Offering up to and including UZS 12 billion received a 5% discount, resulting in a retail offer price of UZS 4.41 per share.
All securities in the Offering were offered by the Ministry of Economy and Finance of the Republic of Uzbekistan, acting as the sole shareholder of UzNIF. The transaction therefore represents an important step in Uzbekistan's broader privatization agenda and reflects the government's continued commitment to developing transparent, internationally accessible capital markets.
Investor demand for the transaction was strong, with demand exceeding supply by more than four times. The IPO attracted significant interest from leading global institutional investors, while also enabling local investors to participate in one of the most important capital markets transactions in Uzbekistan's history.
Commenting on the transaction, Marius Dan, CEO for Central Asia at Templeton Global Investments and General Director of Franklin Templeton Asset Management LLC, described UzNIF's successful IPO as a defining moment for Uzbekistan and the development of its capital markets, noting that the transaction opened Uzbekistan to international equity investors and reflected global institutional investor confidence in UzNIF and in Uzbekistan as an attractive investment destination.
UzNIF, managed by Franklin Templeton, was established as a key platform for Uzbekistan's privatization and capital markets development agenda. The fund provides investors with exposure to a diversified portfolio of strategic Uzbek assets and is intended to support the transformation, governance enhancement, and long-term value creation of major state-owned enterprises. The IPO is expected to serve as an important precedent for future public offerings by Uzbek companies, including potential listings of certain UzNIF portfolio companies.
Finasia Capital acted as part of the SSF consortium, serving as financial advisor together with STJ Advisors and ScholzvonGleich. Finasia Capital's involvement in the transaction began more than 12 months before the successful IPO, reflecting a year-long advisory process conducted in close cooperation with UzNIF, Franklin Templeton, the Ministry of Economy and Finance of the Republic of Uzbekistan, and the wider group of advisors. Over this period, Finasia Capital contributed to investor engagement, transaction positioning, market feedback, and the overall coordination required for a landmark cross-border equity capital markets offering.
The successful completion of the UzNIF IPO reinforces Uzbekistan's growing visibility among global institutional investors and highlights the increasing depth and sophistication of the country's capital markets. The dual listing structure strengthens the link between Uzbekistan's domestic market and international capital, supporting the development of a broader investor base and setting a benchmark for future equity offerings from the country.
Finasia Capital congratulates UzNIF, Franklin Templeton, the Ministry of Economy and Finance of the Republic of Uzbekistan, and all stakeholders involved in this milestone transaction. Finasia Capital is proud to have contributed to a transaction that advances Uzbekistan's privatization agenda, strengthens its capital markets infrastructure, and supports the country's continued integration into the global investment community.
